Bitcoin QT solo mining
Questions and Answers
When you are bit mining, what exactly is your PC processing and why is it worth anything? I know when bit mining that the computer is looking to find the "block" and that currently a block is worth 50 bit coins, but what exactly is the block? Who uses the block? And why is it worth anything?tagma2wm
If you are solo mining your computer is trying to solve a complicated proof-of-work math problem. As the difficulty rises the solution becomes harder to find. The more powerful your computer is the more solutions it can try out and the faster it can solve. The block the the problem being solved. With pool mining you are only trying to solve a portion of the solution.
Bitcoins are worth something only because people were trading real money and using bitcoins as a currency. Its only worth something because people were using it like real money. Another factor is the number of bitcoins available to mine; the amount available decreases as time increases so eventually all bitcoins will be mined.
Hi, Im about to preorder a it has 4.5 Gh/s, and i would like to know if that is good enough to solo mine, or if i should stick with pooled mining, I would also like to know a good place to mine bitcoins, that can take advantage of 4.5 Gh/s. Such as: or something else. I would also like to know if i should use the regular bitcoin-qt client or something else, thank you.tagma2wm
You seem to have a lot of questions that really require some deeper research before you go committing that kind of money into a rig.
What with the difficulty getting harder and the drop in block value from 50BTC to 25BTC a lot of rigs take a LONG time to earn back the value that you paid for them. The ongoing power costs of running a mining rig needs considering too.
At the moment everyone's waiting to see if the next stage gets harder easier or stays the same.. It will make a BIG difference to mining speeds and whether the initial outlay on a rig is still wise at all.
These days I just advise buying bitcoins with your cash instead of buying a rig and trading them or investing them. Otherwise you could be spending a long time watching your BTC mine very very slowly topping up and wondering if you will ever make back your investment and running costs.
Try if you feel like investing. They are non profit so pass the profits to their investors instead of bonuses for themselves! I think they might sell bitcoins too but I cant confirm that without double checking.
Assuming it is run 24/7 doing nothing but mining.
